Pure Multi-Family REIT LP PMULF

CIBC

[DanielDarden123]

While Q2/18 results were essentially in line with our expectations, we continue to believe that investor focus will be primarily directed to the status of the ongoing strategic review, pursuant to which a decision over the potential sale of the REIT will be made. Although the process for exploring the sale of the company is indeed taking longer than we had anticipated, we remain cautiously optimistic that the process will conclude in the near term with an announcement of the sale of the REIT (whether to Electra or other potential bidders). As such, we maintain our $7.75 price target, representing a ~3% premium to our $7.50 NAV (unchanged), and a slight premium to the $7.59 bid (last publicly announced offer made by Electra America in April).